FORECLOSURES FOR INVESTORS – 10% DOWN

Foreclosures for Investors – 10% down

For those of you who are unaware, these amazing deals are available through HomePath, a Fannie Mae operation.

Following are the details:

Why does Fannie Mae have properties for sale?

While working with their partners to help homeowners avoid foreclosures, sometimes foreclosures are unavoidable. When they do occur on mortgages in which Fannie Mae is the investor, their goal is to sell those properties in a timely manner in order to minimize the impact on the neighborhood.

 

How does Fannie Mae sell its homes?

They use local real estate professionals to prepare, maintain, and list their properties for sale. All their properties are listed on the HomePath website – http://www.homepath.com – and most have photographs, property descriptions and other details, like school and neighborhood information.

 

Do I have to use a special real estate agent?

No. You may work with any real estate sales professional to submit an offer on their properties. However, Fannie Mae only accepts offers through their real estate listing agents. Also, it’s a good idea to pick an agent who has some experience with foreclosure sales.

 

Be smart, do your research!

Unleash the power of the Internet to learn about neighborhoods, types of homes, prices, schools, shopping, and other information that will help you purchase a home/investment that best meets your needs. A great place to start is http://www.homepath.com. It lists, in detail, all of Fannie Mae’s properties located in neighborhoods across the country.

You can even create a personalized search which lets you be among the first to know when a new property is coming on the market in your area. Click on “Advanced Search” and you’ll find a host of ways to search for information. Once you’ve found a home you like, http://www.homepath.com lists an agent contact link for ease in making appointments to visit their properties, or you can contact me for a consultation and a referral to a real estate consultant who is experienced with foreclosures and HomePath.

 

Don’t let the financing choices overwhelm you.

You can purchase a Fannie Mae property with different types of financing, so it’s important to find the one that’s right for both you and the property you’re interested in. Again, do your research! Talk to several lenders and learn about the different financing programs available.

 

The HomePath Mortgage

This type of financing features:

• Low down payment and flexible mortgage terms (fixed-rate, adjustable-rate, or interest-only)
• You may qualify even if your credit is less than perfect
Available to both owner occupants and investors
• Down payment for home buyers (at least 3 percent) can be funded by your own savings; a gift; a grant; or a loan from a nonprofit organization, state or local government, or employer
Down payment for investors (at least 10 percent) can be funded by your own savings; a gift; a grant; or a loan from a nonprofit organization, state or local government, or employer
• No appraisal required
• No mortgage insurance (Ask your lender for cost details on loans without mortgage insurance.)

 

The HomePath Renovation Mortgage

This type of financing features:

The HomePath Renovation Mortgage is NOT available for investors
• Financing to fund both your purchase and light renovation
• Low down payment and flexible mortgage terms (fixed-rate or adjustable-rate)
• Down payment (at least 3 percent) can be funded by your own savings; a gift; a grant; or a loan from a nonprofit, state or local government, or employer
• No mortgage insurance (Ask your lender for cost details on loans without mortgage insurance.)

Where else can you find foreclosures at only 10% down and flixible financing for investors.

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One Response to “FORECLOSURES FOR INVESTORS – 10% DOWN”

  1. Max Coutinho Says:

    Hello Mel,

    Very interesting blog and post: I learned quite a lot.

    I will add your blog to my blogroll: we never know when people will need this sort of information.

    Thank you and keep up the excellent work!

    Cheers


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